Consider the economies of Tralfamadore and Sporon, both of which produce agricultural products using only land and labour. The following tables showthe supply of land, population size, and real GDP for these two economies from 2020 to 2023.Complete the last column of the following two tables by calculating real GDP per capita for the two economies.TralfamadoreLandReal GDP(Dollars)Real GDP per Capita(Dollars)Year (Hectares)Population202020,0005004,500202120,0001,00010,000202220,0001,50016,500202320,0002,00024,000SporonLandReal GDPReal GDP per Capita(Dollars)Year(Hectares) Population (Dollars)202020,0001,00015,000202120,0002,00028,000202220,0003,00036,000202320,0004,00040,000Rapid population growth tends to threaten economic growth in economies withhigher or lowerland-labour ratios. 202220,0003,00036,000202320,0004,00040,000Rapid population growth tends to threaten economic growth in economies withland-labour ratios.Which of the following is a correct description of the effect of population growth on economic growth in Tralfamadore from 2020 to 2023?O Real GDP per capita rose from 2020 to 2023 as population increased.O Real GDP per capita fell initially but eventually rose as population continued to expand.O Real GDP per capita fell from 2020 to 2023 as population increased.O Real GDP per capita rose initially but eventually fell as population continued to expand.The English economist Thomas Malthus made an incorrect prediction regarding long-run living standards. His error can largely be traced to his notrecognizing the importance of natural resources or technological changes

Real GDP refers to the measure of a country's gross domestic product that has been adjusted for…

Consider the economies of Tralfamadore and Sporon, both of which produce agricultural products using only land and labour. The following tables show the supply of land, population size, and real GDP for these two economies from 2020 to 2023. Complete the last column of the following two tables by calculating real GDP per capita for the two economies. Tralfamadore Land Real GDP Real GDP per Capita Year (Hectares) Population (Dollars) (Dollars) 2020 20,000 500 4,500 2021 20,000 1,000 10,000 2022 20,000 1,500 16,500 2023 20,000 2,000 24,000

Consider the economies of Tralfamadore and Sporon, both of which produce agricultural products using only land and labour. The following tables show the supply of land, population size, and real GDP for these two economies from 2020 to 2023. Complete the last column of the following two tables by calculating real GDP per capita for the two economies. Tralfamadore Land Real GDP Real GDP per Capita Year (Hectares) Population (Dollars) (Dollars) 2020 20,000 500 4,500 2021 20,000 1,000 10,000 2022 20,000 1,500 16,500 2023 20,000 2,000 24,000

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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The data below are from the economies of Ishgandar and Nonburmia. Ishgandar Nonburmia Year Population GDP Deflator Nominal GDP Year Population GDP Deflator Nominal GDP 1 5 100 $200 1 10 100 $300 2 5 125 $375 2 10 110 $440 (e) Assume that in Year 1 Nonburmia is operating inside its production possibilities curve and that Nonburmia’s production possibilities curve remains unchanged from Year 1 to Year 2. As a result of the change in real GDP from Year 1 to Year 2, does Nonburmia’s economy move closer to or farther away from its production possibilities curve? Explain using numbers for real GDP and state what will happen to cyclical unemployment in the short run.
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Show Transcribed Text 160) Refer to Table 2-21. This table shows the number of labor hours required to produce a digital camera and a bushel of wheat in China and South Korea. China South Korea Digital Camera 100 hours 90 hours 161) Refer to Table 2-21. This table shows the number of labor hours required to produce a digital camera and a bushel of wheat in China and South Korea. China South Korea Total a. Assume each country has a total of 9,000 labor hours to devote to the production of the two goods and draw the production possibilities frontier for each country. Put "Digital Camera" on the horizontal axis and "Wheat" on the vertical axis. Be sure to identify the intercept values on your graphs. b. Suppose each country allocates 60% of its labor hours to wheat production and 40% to the production of digital cameras. Complete Table 2-22 below to show each country's output of the two products. Table 2-22: Production and Consumption with no Trade Digital Camera Wheat Output Output…
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